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September 19

2018
by Amy Kraven
Buy to let tenants spend almost a third of income on rent

Tenants are paying rent across the UK averaging £937 month – up 1.3% on a year ago. But that’s much less than renters in London are paying.

In the capital, the average rent in July was £1,615 a month, which is a 3.3% increase on July 2017. Rents in London, however, are skewing the figures. When they are excluded from the data, the average monthly rent for the rest of the country falls to £777 – a rise of 1%.

Annual buy to let costs were down in Eastern England (-1.1%), South West (-0.6%), Wales (-0.3%), and the North East (-0.2%). The data comes from tenant referencing firm Homelet, who also post an interactive map online for analysing UK rents by county.

It appears that for tenants, income to rent ratios are rising. The ratio measures how much household income is needed to pay rents. Across the UK, the amount was up 3.7% compared to a year ago, with rents eating up 31.8% of income, compared to 28.1% a year ago.

 

How much renters pay to let a home

The percentage is how much income a buy to let tenant spends on rent in July 2018 compared to a year earlier.

Region July 2017 July 2018 Change
North East 23.6% 23.6% 0.0%
North West 28.2% 28.5% 2.3%
Yorkshire & Humberside 24.2% 27.3% 3.1%
East Midlands 26.9% 29.2% 2.3%
South West 29.5% 33.8% 4.3%
South East 29.1% 33.3% 4.0%
London 30.8% 36.2% 5.4%
Eastern England 28.6% 32.0% 3.4%
West Midlands 26.8% 30.0% 3.2%
Scotland 25.0% 27.3% 2.3%
Northern Ireland 25.8% 25.7% -0.1%
Wales 28.8% 30.8% 2.0%
UK 28.1% 31.8% 3.7%
UK excluding London 27.4% 30.5% 3.1%

Source: Homelet

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